Pensioners targeted by scammers are losing more than £33,000 due to criminal activity, shocking data has found. Criminals snatched £17.5million from retirement savings during 2024, with fraudsters targeting pensioners at a rate of approximately £48,129 every single day.
New figures from Action Fraud expose the scale of pension-related crime, documenting 519 instances of fraud reported throughout the year.
Each victim suffered an average financial blow of £33,848, according to the data. The losses have prompted authorities to launch an urgent awareness initiative aimed at safeguarding retirement funds.
Analysis of the reported incidents identified two primary methods employed by fraudsters to target their victims' pension pots.
Scammers are targeting pensioners in a significant fraudulent effort
|GETTY
These impersonation scams often begin with unexpected telephone contact, during which fraudsters extract personal details needed to breach pension security.
Once armed with sufficient information, they masquerade as the account owner to drain retirement funds.
The dual-pronged assault on pensioners has sparked a collaborative response between Action Fraud and the Pension Scams Action Group, who have united to combat these financial predators.
Investment schemes featuring high-pressure sales techniques represent the first major threat, with fraudsters pushing victims to make immediate financial decisions.
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| GETTYThe second prevalent tactic involves criminals assuming control of pension accounts by posing as the legitimate account holders.
Chief Superintendent Amanda Wolf, who leads Action Fraud and the National Fraud Intelligence Bureau, emphasised the catastrophic consequences when retirement funds vanish into criminal hands.
"When a person has their life savings swiped away by ruthless criminals, it can leave a devastating impact and leave people in limbo," she stated.
Ms Wolf highlighted that experiencing immediate pressure to invest signals fraudulent activity.
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"Legitimate organisations will never make you feel this way," she explained, advising caution with any investment proposals and recommending independent financial guidance when uncertain.
She cautioned against answering unexpected pension-related calls, warning these could be attempts to harvest personal data for account breaches.
Strong passwords and two-factor authentication offer crucial protection, she advised.
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Scammers are targeting pensioners
| PAGaucho Rasmussen, who serves as Executive Director of Regulatory Compliance at The Pensions Regulator, which oversees PSAG, delivered a stark assessment of the figures.
"These statistics are another alarming wake-up call and reveal the shocking reality of how much money is stolen from hardworking savers in just one year," he declared.
Mr Rasmussen characterised the perpetrators as merciless operators who exploit fake investment opportunities and identity theft to access pension funds.
He urged all savers to adopt a "stop, think and check" approach to safeguard their retirement funds, stating: "That's why PSAG fully backs this campaign from Action Fraud as we fight back against criminals who devastate lives."